—(1) The Government shall be deemed to have a first charge, unless the Minister otherwise directs, on all immovable property at any time vested in or acquired by the Board to secure all moneys from time to time owing by the Board to the Government or lent by the Government to the Board.
(2) Subject to subsection (1) and excepting only such charges, and mortgages as were created, or made by the Board with the approval of the Minister before the moneys became owing to or were advanced by the Government, that charge shall have priority over all other charges and mortgages.
(3) The President by virtue of that charge may, at any time, so long as there are moneys owing by the Board to the Government —
sell the whole or any part of the immovable property of the Board, either by public auction or private contract, and on the sale execute a conveyance of the immovable property sold, which conveyance shall, without the concurrence of the Board, vest that property in the purchaser;
by notification in the Gazette declare that the whole or any part of the immovable property of the Board shall, on a date to be mentioned in the notification, vest in the Government, and thereafter the immovable property of the Board described in the notification shall, on that date, vest in the Government for all the estate, right, title and interest of the Board, freed and discharged from all charges and mortgages created or made by the Board, saving only such charges and mortgages as are excepted in subsection (2) and are subsisting securities;
appoint some person to receive the rents and other income which the Board is entitled to receive, or any portion thereof, and to apply the same in discharge of the amount due and of all expenses incurred in respect of the appointment of that person, and of the recovery by him of the rents and income; and the person so appointed shall have for the recovery of the rents or other income, all and singular the powers conferred by this Act on the Board for that purpose.
(4) Whenever any declaration has been made under this section, notice thereof shall, in the case of registered land, be sent to the Registrar of Titles who shall thereupon enter in the land-register a memorial of the registration of the vesting of the land in the Government and in other cases to the Registrar of Deeds who shall thereupon make an entry in the books of the Registry of Deeds that the land described in the notification containing the declaration is vested in the Government.